‘Pico’ Solar Sales to Hit $2.4B by 2024

Worldwide unit sales of solar home systems and 10W-or-below solar systems – sometimes known as “pico” systems – will grow from 8.2 million annually in 2014 to 64.3 million in 2024, according to a report from Navigant Research.

Although the majority of solar consumer product activity, for now, is in the developing world, similar products are emerging in the developed world, in the form of solar PV generators and kits. Today consumers have access to a growing number of portable solar products that can charge a wide variety of alternating current and direct current devices simultaneously, according to the report.

The industry for these products is relatively immature, though a number of companies are positioned for growth as their products reach the shelves of major retail outlets in the coming year. For example Grape Solar, one of the most active companies in the US market, sells its solar kit via Home Depot, Sam’s Club, and other retailers that have tens of thousands of retail outlets across the country, the report says.

North America and Europe will lead the annual global solar PV generator and kit market. Revenue in this market is forecast to grow from $12.3 million in 2014 to $215.0 million in 2024, the report says.